The Dubber Corporation Ltd (ASX: DUB) share price has rocketed in early trade on Tuesday after the company released its 2022 financial results.
Shares in the cloud recording and audio software provider are up 9.35% to 58.5 cents each at the time of writing. They hit an early high of 59.5 cents a share, 11.2% higher, shortly after market open.
Here are the highlights of Dubber's full-year results.
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What did the company report?
- Total operating revenue up 75% to $35.6 million
- Annual recurring revenue (ARR) up 51% to $59 million
- Loss after income tax up 104% to $64.7 million
- Accumulated losses at 30 June 2022 at $165 million
- Employee headcount up 139% from 101 to 242
- Subscribers up 38% from 420,000 to 580,000
What else happened in FY22?
During the year Dubber signed deals with major telcos Optus and BT to carry its recording and voice technologies.
Back in July 2021, the company raised $110 million at $2.95 per share.
Other than that, a series of market updates only managed to disappoint the share market repeatedly during a period when loss-making growth businesses completely fell out of favour.
What did management say?
Dubber chief executive Steve McGovern said:
The last 12 months have been transformative for Dubber, a period where we have achieved three major operational initiatives at the same time as growing the business substantially across all key metrics. The company is in a significantly improved position compared with June 2021, including having future business objectives fully funded to cash flow break even.
We have invested in infrastructure which will underpin the Company's future, integrated two businesses and doubled the size of our team including key executive appointments.
What's next?
The company declined to give specific guidance for the 2023 financial year.
Dubber released a statement saying:
The company has made significant investment in infrastructure, people and products during FY22 that will enable it to stabilise operating expenditure in FY23 with a model that sees growth in recurring revenue increasing at a faster rate than costs.
Merger and acquisition activity will remain on the Company's radar, however, a dynamic market regarding relative valuations has led the Company to focus on ensuring its capacity for continued growth of its core unified recording and conversational intelligence platform to leverage and protect its balance sheet.
Dubber share price snapshot
Devastation is one word that can be used to describe the journey for the Dubber share price this year.
The stock has lost more than 80% of its value since the start of the year, or 85% if you go back 12 months.
Dubber shares started Tuesday at 54 cents.
